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December 22nd, 1936

Raymond & Raymond, Inc.
40 East 52nd Street
New York, New York


We beg to acknowledge receipt of your letter dated December 21st, enclosing check in the sum of $4.55 in full payment of seven (7) copies of the Picasso Catalogues which we had given you on consignment.

We have received today, as advised by you, the unsold balance of eighteen (18) catalogues.

Thanking you,

Believe us to be

Yours very truly,



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